Short-term investment

I am going to sell my house. Please kindly tell all types of taxes that I have to pay to the government? Also mention their rates. I expect to get 1 crore then how much should I expect to remain with me?

Asked 3 years ago in Property Law from Kolkata, West Bengal

It was purchased in 1982 by my mother in law . In 2007 my mother in law gifted it to her daughter(my wife). My wife gifted it to me in feb 2014. Now with the sales proceed I am going to purchase another housing property immediately.

Asked 3 years ago

if you have held the asset for more than 3 years, it is treated as long term. in present case you have held asset for only 2 months .
short-term gains are included in the investor's income and are taxed as per the slab rate.

so sir please mention how taxes I have to pay .? what is the short term rate? is there any way to get tax deduction/exemption as they are so high. I heard that gifted short term propertry is exempted from capital gain tax. Please throw light in this matter.

Asked 3 years ago

you have to contact your chartered accountant to work out these details . as mentioned earlier the gains are added to your income and you would have to pay tax as per slab rate under which your income falls

Indian Laws

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